ETH is hugging this bottom parallel of a modified schiff pitchfork which often means an impending breakdown in price. It has also been unable to break this down sloping trend line.
I would be ready to short if price decisively closes below the pitchfork line. I would then enter on a retouch of that line or an aggressive trade would be to enter on any break. My first target is the bottom of this parallel channel line. Again we in a bear market so this potential trade is consistent with the overall trend of the market.
I would be ready to short if price decisively closes below the pitchfork line. I would then enter on a retouch of that line or an aggressive trade would be to enter on any break. My first target is the bottom of this parallel channel line. Again we in a bear market so this potential trade is consistent with the overall trend of the market.
Comment:
We haven't been triggered in this trade with a short entry yet - However it looks like the bulls are stepping in over the last day or so and the downsloping upper parallel is being tested. A decisive close above this line indicates renewed buying pressure and ETH is likely to head to the previous swing highs at $235ish. A strong rejection of this upper channel re-validates our short idea above.